Oando latest news

Oando is a Nigerian energy company that has been in the news for various reasons. Here are some of the latest news updates about Oando:

  1. Oando's Financial Woes: Oando has been facing financial difficulties in recent years, with the company's debt rising to over N200 billion (approximately $533 million). The company has been struggling to meet its financial obligations, leading to concerns about its ability to continue operating.
  2. SEC Investigation: In 2020, the Securities and Exchange Commission (SEC) launched an investigation into Oando's financial dealings, including allegations of fraud and mismanagement. The investigation is ongoing, and the company has denied any wrongdoing.
  3. Share Price Plunge: Oando's share price has been plummeting in recent months, with the company's stock price falling by over 70% in the past year. The decline is attributed to the company's financial struggles and the ongoing SEC investigation.
  4. Management Changes: In an effort to turn around the company's fortunes, Oando has made several changes to its management team. The company has appointed a new CEO, Adewale Tinubu, who has pledged to restore the company's financial health.
  5. Asset Sales: Oando has been selling off some of its assets to raise capital and reduce its debt. The company has sold off several of its oil blocks and has also announced plans to sell off its downstream business.
  6. Partnership with Total: Oando has announced a partnership with Total, a French oil company, to develop a new oil field in Nigeria. The partnership is expected to create thousands of jobs and boost Nigeria's oil production.
  7. Environmental Concerns: Oando has been criticized for its environmental record, with the company facing allegations of pollution and environmental damage. The company has denied any wrongdoing and has pledged to improve its environmental practices.
  8. Lagos State Government Investigation: The Lagos State Government has launched an investigation into Oando's activities in the state, including allegations of tax evasion and non-compliance with environmental regulations.
  9. Court Cases: Oando is facing several court cases, including a lawsuit filed by the SEC seeking to recover funds allegedly mismanaged by the company.
  10. Rebranding Efforts: Oando has launched a rebranding effort aimed at restoring the company's image and improving its reputation. The company has introduced a new logo and has pledged to improve its customer service and community engagement.

These are some of the latest news updates about Oando. The company continues to face significant challenges, but it is working to address its financial and operational issues and restore its reputation.